Calculate your monthly payments, total interest, and payoff date for student loans. Compare repayment plans and see how extra payments save money.
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Federal or private student loan details
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FAQ
What is the standard student loan repayment plan?
The Standard 10-Year plan divides your balance into equal monthly payments over 120 months. It costs the least in interest but has the highest monthly payments. Most federal loans default to this plan after the 6-month grace period.
What repayment options exist for federal loans?
Federal loans offer Income-Driven Repayment (IDR) plans: SAVE, PAYE, IBR, and ICR. These cap payments at a % of discretionary income and forgive remaining balances after 10-25 years. Use studentaid.gov's Loan Simulator for personalized projections.
How can I pay off student loans faster?
Make extra payments directly to principal, refinance for a lower rate, or enroll in biweekly payments. Even $50/month extra can save thousands in interest.
Should I refinance my student loans?
Refinancing federal loans with a private lender means losing federal protections (IDR, forgiveness, deferment). Only refinance federal loans if you have stable income, no eligibility for forgiveness, and can get a significantly lower rate.